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GBP/JPY Climbs to 198.74 as Bulls Charge Toward the 200 Mark

The GBP/JPY trades flat with positive bias on board-based Pound buying.  It hit an intraday high of  198.74 and is currently trading around 198.73. Intraday trend is bullish as long as the resistance at 198.72 holds.

‘The GBP/JPY pair is trading above  55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend.  Any violation below 197.30 indicates the intraday trend is weak. A dip to 196.70/196.20/195/194/193/191.95/190 is possible.  Immediate resistance is at 198.60, a breach above this level targets 199.35/200.

Market Indicators ( 4-hour chart)

CCI (50)- Bullish

Directional movement index - Bullish

Trading Strategy:  Buy

 
 It is good to buy on dips around 198.15-18 with SL around 197.35 for a TP of 200.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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